Salini-Impregilo to aim for 40% free float

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19 June 2014

Salini-Impregilo has announced plans to make 40% of its capital available to be traded through the issue of new equity and the sale of shares by Salini Costruttori. Following the change, Salini Costruttori would remain Salini-Impregilo’s controlling shareholder, with at least 58.5% of its capital.

Plans outlined by the company would see 44.7 million new shares issued, equivalent to just under 10% of the company’s capital. A further 14.5 million shares will be available if the offer is over-subscribed. The offer price has not yet been announced, but at Salini-Impregilo’s current share price this could raise more than € 225 million.

In addition to the new shares, Salini Costruttori will release 100 million of the 402. 6 million shares it owns in the company to be added to the free float – the shares in the company traded in public, as opposed to those tied-up with controlling investors and other long-term holders.

Salini Costruttori currently holds just under 90% of Salini-Impregilo’s equity. Under the plan, its interest would be diluted to 61.5%, falling to 58.5%, should the overallotment shares also be placed.

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